onsemi Q2 2026: revenue up 9.2%, EPS tops consensus, Q3 guide higher
onsemi beat on the bottom line and guided higher: Q2 2026 revenue rose 9.2% to $1.60 billion, non-GAAP EPS of $0.74 edged past the $0.7363 consensus, and management sees third-quarter gross margin expanding to 40.0%–42.0%. Free cash flow quadrupled to $425.4 million. The catch is that GAAP gross margin of 38.4% is still far below the level of two years ago, and total debt now exceeds cash. The view is Bullish.
1 · Expected vs. Actual
Free preview belowGAAP diluted EPS was $0.56, up from $0.41 a year ago, and non-GAAP EPS was $0.74 versus $0.53. The non-GAAP number just cleared the $0.7363 consensus. The $67.0 million gap between GAAP and non-GAAP net income comes mostly from $41.2 million of restructuring and asset impairments and $11.7 million of intangible amortization.
Revenue of $1.60 billion was up 9.2% year over year and 6.0% above the prior quarter, and it came in above the $1.585 billion midpoint management guided to in April. Power Solutions Group carried the quarter at $829.0 million, up 19% year over year, while Analog Mixed Signal slipped 2% to $545.7 million and Intelligent Sensing rose 7% to $228.8 million.
For Q3 2026 management guided revenue to $1.65–$1.75 billion, a $1.70 billion midpoint that is 6.0% above Q2, alongside non-GAAP gross margin of 40.0%–42.0% and non-GAAP EPS of $0.81–$0.93. Last quarter's $1.585 billion midpoint was beaten by $18.5 million. If the margin guide is delivered, it would be 0.7 to 2.7 points above the 39.3% non-GAAP gross margin just reported.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
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